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NEW DELHI : Fisdom, a wealth-tech company, has announced the launch of stock broking services to its customers. The new venture will offer a comprehensive product suite to the customers, including equity, derivatives, IPOs, FPOs, buybacks, sovereign gold bonds, NCDs, currencies and ETFs.
Customers will be able to use Fisdom’s digital platform—mobile apps, web, and terminal—to access the stock broking product suite. It will also offer call 'n' trade facility and dedicated dealing desks for its private wealth customers. The users will have access to robust research coverage on over 3,500 individual scrips along with proprietary screeners and tools, which will enable users to make informed investment decisions, a release issued by the company said.
Fisdom’s stock investing product will include several features such as Watchlist with Action List (‘Don’t miss’ alerts), Instant Order Margin Calculator, Option Chain View, Voice Search, Interface of watchlist and Portfolio for real time tracking and Advanced Charting tools.
Fisdom offers a competitive flat fee per trade structure for investors and an affordable subscription plan for traders for unlimited trading. According to Subramanya S.V., co-founder and chief executive officer, Fisdom, the subscription panel will generally charge ₹1,000 to ₹2,000 per month for an unlimited amount of trades, with several variants on offer depending on the length of the subscription. Although similar pricing is offered by full service brokers to some extent, the subscription model is not strongly promoted by discount brokers, he added.
To spearhead the stock broking business, the company has elevated Rakesh Singh to be the CEO of the broking business. Rakesh joined Fisdom in 2018 and was heading sales and distribution. Rakesh has a successful track record of launching and scaling broking businesses in multiple entities such as HDFC Securities, UTI Securities and Standard Chartered Bank. Fisdom has pioneered a unique bank partnership led wealth management model that provides access to high quality services to customers in tier-II and tier-III locations. In the near future, Fisdom will also extend the broking services to the customers of Fisdom’s partner banks as well.
Subramanya said, “We are excited to launch stock broking services to our customers which is one of Fisdom’s strategic initiatives. We have built a highly accomplished team of industry experts led by Rakesh Singh who dedicated the last few months to developing the platform that we unveiled today. With this new service, we aim to provide best-in-class investment experience to all our customers through a complete and customized product stack."
Singh said, “I am excited to lead this new venture at Fisdom. Market for direct equity investing is growing rapidly in India. I am confident that our comprehensive product suite, competitive pricing along with robust research will help Fisdom establish as a preferred platform for investors as well as power traders."
Fisdom is a digital wealth management platform providing solutions across investments, savings and protection. Several banks and financial institutions have partnered with Fisdom to provide access to financial products to their customers. Fisdom’s partners include Oriental Bank of Commerce, Bank of Baroda, Indian Bank, UCO Bank, Karnataka Bank, City Union Bank, Bajaj Finserv and several more.
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